DETROIT (WWJ) – There are indications Friday that we better start saving our money. According to WWJ and Fox 2’s Murray Feldman, the price of food is about to increase.
Few people want to say that dreaded word “inflation,” but there are more signs that it’s creeping a back into our lives.
“Auto makers have raised prices several times this year, airline prices and fees are going up, gasoline costs more, and apparel prices have been rising,” Feldman said.
Now, the massive food producer Smuckers says its costs will rise 25 percent in the next 12 months.
Of course, the name Smuckers is synonymous with jelly, but they make so much more, from Jiffy peanut butter and ketchup to Folgers and Dunkin Donuts coffee.
“If their prices are going up like that, you know yours will too,” Feldman said.
Just last month, the company announced plans to charge retailers 11 percent more, on average, for most of its US coffee products.